Thursday, August 9, 2018

US OIL - 10 August 2018


Fundamental Highlights

Crude oil bulls tried to stage a reversal but the attempt came up short without any real strength behind it and Oil remains under pressure below $67 a barrel. An increase in Iraq's oil production to a yearly high will create further pressure on Crude's prices.

Technical Analysis

As expected, the price broke further to the downside creating a divergence between the momentum and the price. The next move will likely be towards the lower support level of $65.90 before we witness a surge towards the $67 resistance area.

Support: 66.30 65.93
Resistance: 66.60 67.00